Dockwise Transport goes to 3i
15 April 2008
The sale has been agreed of Dutch heavy lift transportation company Dockwise Transport N.V. to private equity and venture capitalist group 3i. Dockwise is jointly owned by Netherlands-based offshore services company Heerema Group (76%) and Norwegian maritime group Wilh. Wilhelmsen ASA (24%).
The sale price of Breda-based Dockwise is in excess of US$700 million but depends on the damage to the Dockwise vessel Mighty Servant 3, which was recently involved in an accident.
“Both shareholders are extremely pleased with the transaction and believe that 3i is the best fit for guaranteeing continuation of the Dockwise organisation and business,” said Nico Pronk, Heerema Group CFO and Sjur Galtung, Wilh. Wilhelmsen deputy CEO, in a joint statement. Both companies wanting to focus on their respective core businesses was given as the reason for the sale.
“Dockwise is a market leading business, recognised by its customers as offering a highly flexible and bespoke service. We are attracted by its growth prospects, its highly recognised brand and its highly qualified people. It is the type of company we want in the 3i portfolio. This investment is a great fit with both our sector and local presence in the Benelux and builds on our impressive track record in the oil, gas and power sector,” commented Graeme Sword, head of the 3i Oil, Gas & Power team.
André Goedée, Dockwise CEO, and the current management team will be retained. “This is an exciting time for Dockwise. The Heerema Group and the Wilh. Wilhelmsen group have been strong shareholders in the company and 3i is well placed to take the reigns and continue supporting our strategy for continued growth and development,” said Goedée.
Dockwise is an international specialist in heavy lift transportation for the marine, oil and gas industries. Its fleet includes five open-deck heavy transport vessels and four heavy transport and product carriers are mainly used to transport drilling rigs and offshore platform components. Two dock-type vessels are primarily used to transport port and industry-related cargo. Four other vessels are permanently deployed as luxury yacht carriers.